As a businessman established in California, Chuck Hazel is not scared by talk of a recession or predictions of soaring oil prices. He isn't alone. Prospects have seldom looked so good for entrepreneurs who, like him, head tiny high-risk companies who make innovative products. A key reason is that, despite high interest rates and fears of a business slowdown, money for investing in such risky ventures is plentiful. So-called hot areas are the entire data-processing and communication markets, medical care with new diagnostic devices and synthetic materials. Much of the seed money for these young companies and for individuals with a dream for a new product comes from professional venture capital firms that specialize in financing start-ups, expansions, and repurchases. Arrangements vary widely, but often a venture capitalist will provide, say, half a million dollars in return for a share of the privately held stock.